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Munis again outperformed U.S. Treasuries. Participants note that municipal to Treasury ratios and nominal yield levels are “extremely attractive,” which is generating some renewed interest among the retail crowd.
REGISTER NOW Municipals were mixed in secondary trading after U.S. Treasuries dipped to lows not seen since the beginning of the year but rose as the afternoon progressed on mixed economic news. New issues fared well and another week of $2 billion-plus inflows were reported, bringing the total to nearly $60 billion for 2021. Triple-A benchmarks were little changed to firmer in spots on the short end after the up-and-down UST ride. "Some rather hawkish comments made by Fed Vice Chairman Richard Clarida generated selling pressure throughout much of the Treasury curve, with munis holding steady ...
REGISTER NOW Municipals opened the week steady with a firmer tone Monday, while U.S. Treasury yields fell again and equities moved up and down throughout the day, as the COVID Delta variant's spread and its effects hang over all markets. Municipal-to-UST ratios rose as a result. ICE Data Services showed the 10-year muni/UST ratio at 71% and the 30-year at 74%. Refinitiv MMD had ratios at 70% in 10 years and 75% in 30. While municipals have cheapened some relative to their taxable counterparts and triple-A benchmark yields were little changed, underperforming the taxable movements, a firmer to...